Financial Education Initiative for Returning Citizens to Break the Cycle of Economic Hardship in Chicago
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Posted By: Reginald Culpepper on March 07, 2025 Financial insecurity is one of the leading barriers to successful reentry after incarceration. To support returning citizens in their journey to financial stability, the Chicago Treasurer’s Office (CTO) collaboration with the Mayor's Office of Re-Entry is proud to introduce :The Second Act: Second Chances—a specialized financial education workshop at the 2025 Money Matters Institute (MMI). This initiative offers the critical financial tools needed to help returning citizens rebuild their lives and escape the cycle of economic hardship. Addressing Financial Barriers for Returning Citizens Studies show that financial challenges are a major factor contributing to recidivism. Over 60% of returning citizens remain unemployed a year after release, and 75% face substantial financial debt, including court fees and loans, which hinder their path to stability. Additionally, formerly incarcerated individuals are ten times more likely to experience homelessness due to financial instability. On March 13, 2025, in partnership with the Mayor’s Office of Reentry, local banks, and nonprofit organizations, The Second Act: Second Chances will provide returning citizens with customized financial education tailored to their needs. Key topics will include: • Budgeting & Financial Planning: Developing strategies for managing limited resources effectively. • Credit Repair & Banking Access: Rebuilding financial credibility and establishing banking relationships. • Debt Reduction & Employment Support: Connecting participants with job readiness and debt reduction resources. Participants will also have access to one-on-one financial counseling with HUD-certified advisors, empowering them to create personalized financial plans for success. "Reentry is about more than just finding a job—it’s about long-term financial security," said Chicago City Treasurer Melissa Conyears-Ervin. "This initiative equips returning citizens with the tools they need to build a new life, break free from cycles of poverty and re-incarceration, and contribute to the financial well-being of their communities." Joseph Mapp, Director of the Office of Reentry, added, "The Office of Reentry is proud to partner with Chicago's Treasurer's Office to offer an invaluable service. For many, crime is not about inherent malicious intent—it starts as a means of survival, a way to secure money when no other options seem available. Unfortunately, leaving prison often means returning to the same financial hardships that led to incarceration in the first place. That's why employment alone is not enough. Financial literacy is critical to breaking cycles of poverty and recidivism." For more information about The Second Act: Second Chances and other MMI programs, visit www.chicagocitytreasurer.com/MMI. About the Chicago Treasurer’s Office The Chicago Treasurer’s Office serves as the custodian and manager of the City of Chicago’s cash and investments, along with the four City employee pension funds. The office also manages several programs designed to promote financial education and foster small business growth throughout Chicago’s neighborhoods. The Treasurer is one of the three city-wide elected officials in Chicago, alongside the Mayor and the City Clerk. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Reginald Culpepper
President, Fulfillment and Web Services, HBCUCONNECT Clark Atlanta University class of 1998 Member Since September 2000 |
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